Crypto decentralization

Hello everyone,
It's your favorite Steemian @rakiya from Nigeria and I'm delighted to join in this contest organized by @khursheedanwar in this noble community today. It's a wonderful contest and I love to share my participation in it.

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- How decentralized network achieve consensus?

Decentralized networks achieve consensus via some variety of algorithms and these variety of algorithms include the PoW, PoS, DPoS mechanism, and many more. I will explain below this different consensus mechanism I have listed above.

Proof of Work consensus mechanism: This is one of the earliest forms of consensus mechanism that is used by Bitcoin and other cryptocurrencies. Here this consensus mechanism deals with block validators solving some difficult mathematics tasks. So when this task is solved then it implies that the block has been validated.

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Proof of stake: Here in this consensus mechanism it is like the highest bidder gets the win. So validators here are chosen based on the amount of the cryptocurrency he has staked in the mechanism. If for instance you have 20 persons who stake and you are to get a validator among them, the person who is to win is the person with the highest stake.

Delegated Proof of Stake: Here we see a pure election like the ones that happen on Steemit. Validates here are chosen by the users, so when user cast their votes, based on their staked assets then a witness will keep moving upward to join the first 20 witnesses who are responsible for validation.

- How decentralized network impact the governance of crypto?

Decentralized networks impact the governance of cryptocurrency in so many ways. For the sake of this contest today I would like to share with you some of the ways.

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• Decentralised decision-making: Decision-making in the decentralized network is done by everyone and not left to any central authority. Here everyone is involved in making decisions for the network.

• Transparency: Since it is a decentralized network, transparency is their watchdog as everyone gets to see whatever is happening from anywhere he or she is.

• Community engagement: Just like the decision-making, everyone within the community is always actively involved in the various activities going on with the decentralized platform to aid efficiency.

• Security: Another important aspect that makes a decentralized network what it is is the security involved. Everyone is sure that his or her details are safe because of the decentralized nature of the network.

I want to invite @dave-hanny, @lhorgic, and @bonaventure24 to join the contest also.